Blockchain
HashKey Group and Velotrade Partner to Build Blockchain Platform for Trade Finance
In order to add trust, efficiency and speed to its trade finance platform which directly connects SMEs and professional investors, Velotrade Management Limited (“Velotrade”) is collaborating with HashKey Digital Asset Group Limited (“HashKey”) on implementing a blockchain-based platform. This cross-border project involving multiple countries will leverage the success that HashKey has previously enjoyed for projects in China across industries such as automotive and supply chain.
Pain point of today’s Trade Finance processes before Blockchain
Despite the fact that traditional trade finance is a long-established industry, when firms are expanding rapidly, inefficiencies in management arise and it becomes difficult to keep track of all the parties involved. The processes of trade finance are out-dated. They require manually creating and reviewing contracts, documents and regulatory requirements.
This results in delayed transactions and, ultimately, a poor customer experience. Double financing could be a recurring issue due to the inability to effectively verify document authenticity or track the flow of transactions. Miscommunication issues are common as the current trade finance structure involves multiple un-integrated platforms.
All these pain points contribute to management inefficiency and lead to a higher risk of fraudulent activities. Now with the growing popularity of blockchain, companies are turning to the promising solutions this new technology has to offer.
Advantages of HashKey and Velotrade renovating trade finance combining blockchain expertise and the industry’s leading platform
HashKey and Velotrade have re-imagined how trade finance can operate by leveraging a blockchain infrastructure to drive efficiency, reduce costs and open up new revenue opportunities including newer models of credit and funding guarantees backing the trade.
Value is brought to trade finance by significantly improving efficiency. Real time review of documents reduces the time customers take to initiate transactions. In addition, the ability to create and execute smart contracts allows easy data and transactional maintenance for clients, as once contracts are made and met, their status is updated in real time.
HashKey’s blockchain provides cryptographic security, consensus and a distributed ledger database. This solution provides data with immutability, credibility and transparency, enabling proof of ownership of transactions, elimination of double spending risk, and real- time document review in line with regulatory standards. It also enhances financial privacy for users on the Velotrade platform. More importantly, it will make the process more efficient and will dramatically accelerate transactions inherent in trade finance.
Utilizing blockchain technology, Velotrade reduces intermediary costs and offers increased transaction speed to provide a convenient way to arrange immediate short-term finance, which enables businesses to gain quick access to liquidity. Financial advances arranged through Velotrade are distributed to users within a few hours, unlike traditional institutions which can take weeks.
SOURCE Velotrade
Blockchain
Alpha Transform Holdings Releases March Report on ASC AI Index
Blockchain
Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins
In a recent communication directed to Treasury Secretary Janet Yellen, US Senator Elizabeth Warren has strongly advocated for the incorporation of robust Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures specifically tailored for stablecoins. Senator Warren’s correspondence underscores the critical importance of adopting the full array of AML tools outlined by the Treasury Department in a prior November 2023 communication to Congress.
Senator Warren has underscored the burgeoning threat posed by cryptocurrencies, particularly stablecoins, to national security. She has specifically drawn attention to instances where entities like Iran and Hamas have turned to cryptocurrencies as a means to raise funds and support terrorist activities. To effectively address this evolving threat landscape, Senator Warren asserts that any forthcoming crypto legislation must encompass comprehensive AML/CFT authorities as requested by the Treasury Department.
Moreover, Senator Warren has made reference to the testimony provided by Deputy Secretary Adewale O. ‘Wally’ Adeyemo before the Senate Committee on Banking, Housing, and Urban Affairs. In this testimony, Adeyemo emphasized the critical need for additional AML authorities to combat the growing menace posed by cryptocurrencies. Senator Warren has pointed out that the exclusion of crucial actors within the digital asset ecosystem, such as miners and validators, from AML/CFT requirements could potentially enable nefarious actors to exploit the increased crypto trading facilitated by stablecoin legislation.
Senator Warren’s steadfast stance on the regulation and oversight of cryptocurrencies is aligned with her prior efforts aimed at curbing illicit activities and safeguarding consumers, the financial system, and national security interests. She has persistently advocated for the closure of loopholes in AML regulations that allow sanctioned entities like Iran to derive revenue through crypto transactions. Furthermore, Senator Warren has consistently voiced concerns regarding the exploitation of cryptocurrencies in terrorist financing schemes and has called for the implementation of stronger regulatory frameworks to protect both consumers and national security interests within the realm of stablecoin-related legislation.
Source: blockchain.news
The post Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins appeared first on HIPTHER Alerts.
Blockchain
Binance Launches Megadrop: A Token Launch Platform with Airdrops and Web3 Quests
Binance has rolled out Binance Megadrop, a novel token launch platform that blends airdrops with Web3 quests. This platform enables users to engage in BNB Locked Products subscriptions and complete tasks within their Web3 Wallet to earn early rewards from chosen Web3 projects, even before their tokens hit the Binance Exchange.
The inaugural project featured on Binance Megadrop is BounceBit (BB), a BTC restaking chain. Here are the token specifics for BounceBit: Max Token Supply: 2,100,000,000 BB, Megadrop Token Rewards: 168,000,000 BB (8% of max token supply), Initial Circulating Supply: 409,500,000 BB (19.5% of max token supply).
To kickstart their journey with Binance Megadrop, users must log into their Binance account and ensure they possess an active Binance Web3 Wallet. From there, they can subscribe to BNB Locked Products and/or fulfill Web3 Quests to accumulate scores. These scores dictate the rewards received through the Megadrop program.
The scoring mechanism for Megadrop relies on the Locked BNB Score, determined by the quantity of BNB subscribed and the subscription period’s duration. Users also earn a Web3 Quest Bonus and a Web3 Quest Multiplier upon completion of designated Web3 Quests. The total score is computed by applying the Web3 Quest Multiplier to the Locked BNB Score and adding the Web3 Quest Bonus.
Importantly, only wallets created within the Binance Web3 Wallet and not external wallets will count towards Megadrop participation. Megadrop rewards will be airdropped to users’ Binance Spot Wallets.
Users must undergo identity verification and maintain at least one active Binance Web3 Wallet to qualify for Megadrop rewards. Additionally, certain jurisdiction-based eligibility criteria apply. Users from Australia, Canada, Cuba, Crimea Region, Hong Kong, Iran, Japan, New Zealand, Netherlands, North Korea, Russia, Singapore, Syria, United Kingdom, United States of America, and its territories are presently ineligible to participate in BB Megadrop.
Binance Megadrop is aimed at offering users an interactive and rewarding experience within the crypto realm. Further details regarding the Megadrop amount, Web3 Quests, and the comprehensive listing plan will be disclosed separately.
Source: blockchain.news
The post Binance Launches Megadrop: A Token Launch Platform with Airdrops and Web3 Quests appeared first on HIPTHER Alerts.
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